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Volume 5, Issue 2 - March/April 2006
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Welcome to our Communiqué!Spring 2006 has brought a changing real estate market in Southwest Florida. We are seeing an increase in the number of homes being listed for sale in the Naples, Bonita Springs, and Fort Myers area. ------
As we come across interesting questions raised by clients and colleagues, we will publish them with our response for your viewing. Many questions have reoccurring themes and some are very specific -- we hope you will be able to use the information in some way or you may just choose to keep it for reference material. Dear Carla, Dear Pam and Mark, If you are concerned that your savings will not be sufficient for a down payment, you may want to consider a loan against you or your husband’s 401(k) plan. You will need to talk with your plan administrator to see if your plan allows this. If it does, the maximum you could borrow under the law is one-half of your interest in the plan or $50,000, whichever is less. Your employer sets other conditions, including the maximum term, the minimum loan amount, the interest rate, and applicable loan fees. The Tax Code mandates that you must repay this type of loan in a "reasonable amount of time", although it does not define “reasonable”. Also, find out what happens if you leave your job before fully repaying a loan from your 401(k) plan. If the loan becomes due immediately upon your departure, you could incur income tax penalties for the outstanding balance. Another source might be you or your husband’s Individual Retirement Account. Under The 1997 Taxpayer Relief Act, first-time homebuyers are permitted to withdraw up to $10,000, penalty free, from an Individual Retirement Account (IRA) for a down payment to purchase a principal residence. This $10,000 is a lifetime limit. A first-time homeowner is defined by law as someone who has not owned a house in the past two years. Also, if a couple is buying a home, both must be first-time homeowners. You can ask your tax accountant for more information, or check IRS rules at http://www.irs.gov. Also, there are federal, state, and local government financing programs available to homebuyers. Loans through The U.S. Department of Veterans Affairs (VA) are available to men and women who are now in the military. They also are available to veterans with a discharge, other than dishonorable, and who meet specific eligibility rules -- most of which relate to length of service. This is a guarantee program, not direct lending. The Federal Housing Administration (FHA), an agency of the Department of Housing and Urban Development (HUD), insures loans made to all U.S. citizens and permanent residents who meet financial qualification rules. This loan insurance lets qualified people buy affordable houses. An FHA-insured loan requires a low down payment, usually about 2% to 5%. For information on other government loans, you can contact your state and local housing offices. They often have programs available for first-time homebuyers who are purchasing modestly-priced properties. A mortgage attorney may also have suggestions for finding the right mortgage and the right down payment amount for your situation. ------ CONGRATULATIONS JANUARY AND FEBRUARY TOP PRODUCERS! January 2006 Top Listing Agents: February’s Top Listing Agents:
John has been involved with rental and commercial property since 1973. Jeanine attained her Real Estate license in 1972 and later earned her designation GRI (Graduate of the Realtors Institute). She has been active in Bonita Springs real estate since 1986. John and Jeanine Galli have been consistent John & Jeanine Galli multi-million dollar producers and have earned the Bonita Springs Real Estate Board's "Sales Excellence Award" every year since 1994. They are both members of the Florida Association of Realtors, The National Association of Realtors & the Bonita Springs-Estero Association of Realtors. The Meeks Team
Terence Oldham 
Terence Oldham was born in Warwickshire England and educated at the Solihull School. He was then commissioned in the Royal Air Force and served as a fighter pilot in the Middle East and the UK. After leaving the Middle East, he joined British Airways as a pilot where he flew worldwide ultimately becoming the founder of a worldwide cargo airline flying world routes and routes with bases in London and the provinces. Terry retired in the 90s and later took up full time residence in Florida, where he met and married his wife Marci. ------ How to buy a new home before you sell the one you have now It's a good time to trade up to a home that suits your circumstances better than the one you have now. Before interest rates go up any more, you may be able to afford a larger mortgage and your present home could be affordable to a larger group of people. ------ |
Carla Bonten Realty, Inc. News: Bonten Lands Exclusive Contract
Demian Kruchten on The title to a property is the right to possess and use the property. A title search reveals any potential problems with a property. It examines public records to find the property’s history of ownership. The search shows limitations on the use of the property, rights (mineral, air, or utility) others might have on the property or other outstanding monetary obligations against the property. While you can do your own title search, if you obtain a loan for the purchase of your home, your lender requires a third party to complete the search. Remember, no search is 100 % dependable. That is why insurance is issued. Title insurance covers events, relating to the property, that have already happened. It does not cover anything that happens to the title after it is issued. If you have liens filed against you for unpaid property taxes, title insurance does not help you. However, if the lien is against someone who owned the home 20 years ago, you may have coverage under your title policy. There are two types of insurance, a lender’s title policy and a title owner’s policy. The title search is done prior to closing on a home, to minimize the risks of offering insurance. Therefore, the company reduces the risk of claims and offers a relatively low one-time fee for title insurance. Most problems, such as tax liens, judgments, and outstanding mortgages, are cleared up before closing. If they are not resolved, they are listed as exceptions to the policy’s coverage. Then you need to decide whether the property is for you, given the known problems with the title. Demian Kruchten 975 6th Ave. South ------ AREA ACTIVITIES & EVENTS: AT The Philharmonic
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The Meeks Team is comprised of:
Cary Meeks,
Gerry Meeks, Sandra McCarthy-Meeks and Tim Hewins. Each member of the Meeks Team comes to Carla Bonten Realty from various business backgrounds and they specialize in providing high-caliber service to their clients. The Meeks Team serves Bonita Springs, Naples, Estero and Fort Myers specializing in residential single family and condominium sales. As top performing agents, they are dedicated to excellence in service with a goal of building long lasting relationships with clients. Their high-tech approach to the business enables them to keep close contact with clients and to constantly learn new marketing techniques for listings. The Team particularly enjoys working with people who are relocating to the area for retirement or those who are just starting new careers in this great area. The team holds memberships with the Bonita Springs-Estero Board of Realtors, the Florida Association of Realtors, and the National Association of Realtors. 
Bonita Springs broker Carla Bonten has been chosen as the exclusive broker for a new luxury resort development in Guatemala. Ms. Bonten, broker and owner of Carla Bonten Realty, Inc, is the only realtor contracted to sell condominiums, villas, and single-family homes in the Mayan Jungle Resort Marina and Golf Communities. She will work closely with EL JAY BE & Associates, Inc., which will provide consulting services to resort management, and whose president, Lynn Bishop, of Fort Myers, is on the developer’s Board of Directors.
The communities were designed by the award-winning town planning firm Estudio Urbano. All of the homes in San Felipe Marina and Jaguar Golf and Country Club boast standard amenities such as: tile and wood floors; colonial detailing on ceilings, arches, window sills, and columns; granite countertops; high quality kitchen cabinets; and full lush landscaping. 
San Felipe Marina includes 481 condominiums and 476 single family homes. 291 single family homes and 103 condominiums are being constructed in the Jaguar Golf and Country Club. 
Guatemala is a country of 12.4 million residents and is a combination of nature and culture. It is known as the “soul of the earth”, because it is home to four active volcanoes, steamy rain forests, beautiful beaches, and some of the world’s most spectacular ruins from ancient Mayan civilization. Guatemala has pleasant subtropical weather with moderate temperatures and low humidity. Temperatures range from 59 degrees F to 82 degrees F year-round. Guatemala is enjoying a recent economic boom and is fast 
becoming one of the most promising emerging markets in Central America.
For more information about the Mayan Jungle Resort Marina and Golf Communities, please visit 
